Elbit Vision Systems Ltd. (fka EVSNF)

[midastouch017]

Elbit Vision Systems Announces First Quarter 2016 Results



May 09, 2016 (GLOBE NEWSWIRE via COMTEX) --

Revenues at $2.3 million: up 19% year-over-year
Net income at $0.5 million: up 27% year-over-year

First Quarter 2016 highlights

Revenue at $2.3 million, up 19% year-over-year;
Gross and operating margins at 57.8% and 21.3%, respectively;
Net income of $460 thousand, representing 19.8% of revenues;
Shareholders' equity reached $4.2 million with cash at $3.7 million;

CAESAREA, Israel, May 09, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. EVSNF, a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today its consolidated financial results for the quarter ending March 31, 2016.

Sam Cohen, CEO of EVS commented, "Our first quarter results show continued growth with increased sales and profitability. For nine consecutive quarters EVS has shown a profit, and given our momentum in orders, 2016 looks to be another solid year. Our legacy products continue to outperform expectations, while iBar has become a significant contributor to our bottom line. As we continue to separate ourselves from our competition through the development of essential, unique tools, we know our best days are still ahead."

First Quarter 2016 Results
Revenues for the quarter were $2.3 million, representing an increase of 19% compared to $1.9 million in the first quarter of 2015.

Gross profit for the quarter was $1.35 million, representing 57.8% of revenues, an increase of 19% compared to $1.12 million for the first quarter of 2015, which represented 57.5% of revenues.

Operating income for the quarter was $496 thousand (21.3% of revenue), an increase of 9% compared to $457 thousand (23.4% of revenues) in the first quarter of 2015.

Net income was $460 thousand (19.8% of revenue), an increase of 27% compared to $363 thousand (18.6% of revenues) in the first quarter of 2015.

Conference call details
The Company will also host a conference call today, May 9, starting at 9:30 am ET. Sam Cohen, Chief Executive Officer and Yaron Menashe, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.

To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call:

US: 1 888 281 1167 at 9:30 am Eastern Time
Israel: 03 918 0691 at 4:30 pm Israel Time
International: [phone]

For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems' website at http://www.evs.co.il/ beginning 24 hours after the call.